What It Will Take For Public Banking To Win

In 2014, then-Santa Fe Mayor Javier Gonzales recognized that poverty and shrinking city budgets were problems that needed out-of-the-box solutions. Deeply concerned with inequality, Gonzales welcomed a discussion about public banking and even participated in a conference featuring leading figures in the movement. He later cheered on his Santa Fe City Council’s approval of a feasibility study that concluded that a city-owned bank would have an impact of millions of dollars a year in savings and investment potential for the city. After the study, though not particularly because of it, Gonzales’s position would gradually move from supportive to lukewarm. This should have come as no surprise. Whenever a citizens group pushes for the public takeover of any sector of the financial industry, bankers and financial professionals push back.
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